Condominiums: What is a reserve fund, and why should you care when buying a Condo in Nova Scotia?

/ Highlander Law Group/
Condominiums: What is a reserve fund, and why should you care when buying a Condo in Nova Scotia?

When you buy a condominium one of the things that you (or usually your representatives) look into is whether or not the condo corporation has a healthy reserve fund.

When you buy a condo unit, the vendor has to order what is referred to as an "estoppel certificate". This will outline the status of the fees for your specific unit, but it will also give you details about the reserve fund of the corporation.

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Buying a condo in Nova Scotia? Understand exactly what you're buying

/ Highlander Law Group/
Buying a condo in Nova Scotia? Understand exactly what you're buying

The practical distinctions between buying a condominium and buying property can sometimes be confusing. Here are a few points to illustrate what you are buying when you buy a condo. The exact definition of what you own and what you are responsible for, i.e. what is your unit, should be outlined in your Condominium Corporation's Declaration.

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Condominiums: What is a reserve fund, and why should you care when buying a Condo in Nova Scotia?

/ Highlander Law Group/
Condominiums: What is a reserve fund, and why should you care when buying a Condo in Nova Scotia?

When you buy a condominium one of the things that you (or usually your representatives) look into is whether or not the condo corporation has a healthy reserve fund.

When you buy a condo unit, the vendor has to order what is referred to as an "estoppel certificate". This will outline the status of the fees for your specific unit, but it will also give you details about the reserve fund of the corporation.

Read More

Condo, or a house?... or something in between? - What is a bare land condominium in Nova Scotia?

/ Highlander Law Group/
Condo, or a house?... or something in between? - What is a bare land condominium in Nova Scotia?

There are many different ways you can own property. The most common are owning parcels of land, or buying a unit in a building - the condominium. There is another option, where you would purchase a "bare land condominium". The ownership structure of purchasing a bare land condominium is similar to that of the traditional condominium, but refers to a parcel of land, defined by survey markers.

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